Business Fundamentals Quiz

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Questions and Answers

Which term refers to the action of testing an idea prior to launch to reflect customer feedback?

Vision

Validation (correct)

Variable Costs

Venture Capital

What do we call financing provided to start-ups and small businesses believed to have long-term growth potential?

Variable Costs

Video Pitch

Workshop

Venture Capital (correct)

Which term describes costs that vary based on a business's level of sales?

Values

Variable Costs (correct)

Viable

Vision

What does it mean if a business idea is described as 'viable'?

Validated Signup and view all the answers

Where can one find a visually recorded version of an elevator pitch typically for online distribution?

Video Pitch Signup and view all the answers

What do KPIs stand for in business?

Key Performance Indicators Signup and view all the answers

What is the purpose of a landing page?

To lead visitors to a website Signup and view all the answers

What does Launch refer to in a business context?

Introducing a new product or service Signup and view all the answers

What is a Creative Spark Big Idea Challenge?

An entrepreneurial contest for innovative ideas Signup and view all the answers

What is the role of Key Messages in business?

To communicate core business values effectively Signup and view all the answers

How does a business typically use KPIs?

To measure success by tracking specific metrics Signup and view all the answers

What is the definition of 'Gold Dust' as used in the text?

Of great value and difficult to find Signup and view all the answers

What does 'Idea Generation' involve?

Generating, developing, and communicating new business ideas Signup and view all the answers

What does Intellectual Property (IP) typically refer to?

Refers to creations of the mind used in buying and selling Signup and view all the answers

What is the main focus of Girls Hackathon as mentioned in the text?

Being inclusive to underrepresented communities like women Signup and view all the answers

How would you define 'Innovate' based on the text?

Introducing change and new ideas Signup and view all the answers

What is the meaning of 'Gross Profit' as defined in the content?

'Total income from a business’ sales minus the direct costs of making sales' Signup and view all the answers

Study Notes

Entrepreneurial Glossary

Validation: testing an idea before launch to incorporate customer feedback into business development
Values: principles and beliefs guiding business operations and decision-making
Variable Costs: costs that vary in line with sales levels

Financing and Investment

Venture Capital: financing provided to start-ups and small businesses with long-term growth potential
Gross Profit: total income from sales minus direct costs of making sales (excluding overhead/running costs)

Business Strategy and Planning

Vision: a business' long-term goal
Mission Statement: a sentence describing a business' long-term aims
Objectives: specific things a business wants to achieve
Key Messages: essential information a business wants customers to remember
KPI (Key Performance Indicators): set of measures to evaluate business success

Marketing and Sales

Landing Page: a simple webpage leading visitors to a website, often linked to paid advertisements
Launch: introducing a new product or service to the market
Margin: difference between selling price and cost (higher margin means more profit)
Market Positioning: presenting products/services in relation to competitors (e.g., higher quality or cheaper)
Marketing: activities to contact potential customers
Niche: a specific segment of customers targeted for a product/service

Operations and Management

Lean: creating more value for customers with fewer resources
Networking: developing and maintaining connections that could benefit the business
Hire: giving someone a job or renting equipment
Hot Desk: rotating desk space when needed, rather than having a personal desk

Innovation and Ideas

Idea: a new concept for a product or service
Idea Generation: generating, developing, and communicating new business ideas
Innovation: developing new ideas or better solutions to meet new requirements
Intellectual Property (IP): creations of the mind used in buying and selling (e.g., inventions, creative work, names, and images)
Hackathon: an event where individuals come together to creatively solve problems

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Description

Test your knowledge on key concepts in business such as validation, values, variable costs, and venture capital. Assess your understanding of important terms related to business development and financing.